The Indian government has come up with new measures to streamline process for such startups which are headquartered abroad and look for merging with their Indian subsidiaries. The decision is part of the Companies (Compromises, Arrangements & Amalgamations) Amendment Rules, 2024 and is to take effect from September 17. The move eliminates need for National Company Law Tribunal (NCLT) approval and speed up reverse flipping process for Indian startups seeking relocation to India. The mergers earlier required clearance from the Reserve Bank of India (RBI). The change is expected to benefit such Indian startups which are incorporated overseas. They will be allowed for smoother operations back to home country.
Nazara Technologies
Leading gaming and esports company Nazara Technologies has lately acquired a 15.86% stake in blockchain-based esports fan engagement startup Stan for $2.2 million. The transaction facilitated through Nazara’s Dubai-based subsidiary and is expected to enhance the position of Nazara in the rapidly growing esports industry. Nazara CEO Nitish Mittersain said that the investment aligns with the company’s vision of empowering content creators as well as expanding its reach in the global gaming community.
SoftBank-backed InMobi
SoftBank-backed InMobi has raised $100 million in debt financing from MARS Growth Capital to further its artificial intelligence (AI) technology initiatives.
Accel
Accel launched fourth edition of its pre-seed scaling program called Accel Atoms 4.0 to offer up to $1 million in funding for selected startups. It is to focus on startups developing solutions for India and those specializing in AI. The applications are opening on September 16.
Track3D
AI-powered reality intelligence platform for construction Track3D secured $4.3 million in a seed funding round led by Endiya Partners. The investment will be used to advance the reality capture data platform Track3D. It is aimed to optimize construction progress monitoring through visual data insights.
